I Feel Like Branching Out

[Raider Nation Fisher]

I get ideas from 3-5 people of week on business ventures through the trust I manage and I can tell you unless you are really prepared have done a SWOT analysis, have your projected cash flows for the first year at least, and have tremendous work ethic without getting a reward quickly YOU WILL FAIL.  I would say the majority of small well capitalized ventures fail that have come across me, don't want to be a pessimists just stuck in reality.  You'd be better off using the additional capital provided by your "wealthy friend" in a low overhead business where inventory is low and bought on demand with no store front and only online sales through Gunbroker/Ebay/Web. That way your risk is minimal and your money is tied up in product that has value, not paying for overhead.

That sounds like how I want to start this off. The least amount of overhead possible. Honestly Im not a businessman, Im a contractor. I do know how to sale, and am extremely good at it. I still want to branch out, and this sounds like the hest way to start out.

[Fishing Rhino]

I'll only offer a couple of thoughts.

 

The worst ship to sail on is a partnership.  It rarely works out as initially envisioned.  It usually ends up with one of the parties doing the bulk of the work while the other shares in the rewards.  Is the risk worth a friendship?

 

Basing a business on something you enjoy doing is a two edged sword.  It not only affords you the opportunity to pursue an interest, but it can also cause that interest to dwindle.  When it becomes a job, with responsibilities, it can turn into drudgery, rather than fun. 

 

When I got out of commercial lobstering in 1997, I didn't care if I ever went on the water again.  I really enjoyed lobstering, but it is a labor intensive job, even in the offseason when you have to go through all the gear, repairing damaged traps and hand over handing 15 to 20 miles of line cutting out knots and splicing the line together, not to mention getting the boat ready for the next season.

 

I didn't get on the water again until 2008, on a small pond in one of my canoes.  I still have no interest in getting back onto the briny deep for stripers or any other fish.  I do get out on the river once in a while and scratch up a few quahogs.  

[SirSnookalot]

That sounds like how I want to start this off. The least amount of overhead possible. Honestly Im not a businessman, Im a contractor. I do know how to sale, and am extremely good at it. I still want to branch out, and this sounds like the hest way to start out.

My advice, do what you know...........may be more money in contracting, probably less start up capital too.  If you wife works now, you'll have 2 incomes to save for a family down the line.

[Raider Nation Fisher]

My advice, do what you know...........may be more money in contracting, probably less start up capital too.  If you wife works now, you'll have 2 incomes to save for a family down the line.

There is a fortune to be made in industrial contracting. You just have to have the contacts and startup capital. Residential and commercial are kind of sketchy and dont pay as well. The trade off though is that they are cheaper to start up in. Ive thought about doing that for a while now. Ive made some very good contacts, but not enough to stay busy 365. Im waiting on two other people to get ready before I go any farther on that venture. Ones a fitter and the other is a iron worker. Diversity is a key to success in contracting. Im currently studying for my gener contractors license and demolition license. Once I have acquired those and set up a llc. I will take my masters test for electrical. Then its on to two other certifications. One in PLC programming which is gonna be a 10grand investment. The other in process welding with a machine. I still have a good 2 years until that is all. Yall have definitely given me some stuff to think about.

[Bankbeater]

Be very careful about having someone else provide your start up cash.  Usually the one that has control of the $$$ wants to make all of the decisions.